Monetary Policy in Fossil Fuel Exporters

• Tác giả: Rabah Arezki
• Ngôn ngữ: eng
• Ký hiệu phân loại: 333.82 Fossil fuels
• Thông tin xuất bản: World Bank, Washington, DC, 2019
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 322864
• Chủ đề: 1. COMMODITY EXPORTERS; 2. MONETARY POLICY; 3. OIL PRICE; 4. POLICY COORDINATION; 5. STRANDED ASSETS

Tóm tắt

This paper examines the role of monetary policy in fossil fuel exporters at different horizons. The main argument is that central banks in these economies need to look beyond the horizon of the business cycle. In the short run, (independent) monetary policy should flexibly target inflation. In the medium run, central banks need to coordinate with fiscal authorities to ensure that monetary policy operates around a credible and sustainable fiscal anchor. In the long run, central banks should beware of the existential threats posed by new risks related to stranded assets.